Estados financieros detallados de ProQR Therapeutics N.V. (PRQR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
ProQR Therapeutics N.V. registró ingresos de $15.3M en el último ejercicio fiscal, con un CAGR de 5 años del 71.5%.
Márgenes de los últimos 12 meses: margen bruto 92.3%, margen operativo -232.7%, margen neto -228.3%.
Al precio actual de $1.86, PRQR presenta beneficios negativos (P/E no significativo) y un ROE del -68.44%. La capitalización bursátil es de $196M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.3M | -$1.5M | $4.9M | $1.9M | $1.0M | $1.3M | $3.6M | $6.5M | $18.9M | $15.3M |
| Coste de Ventas | $1.3M | $1.0M | $983511 | $116.8M | 0 | 0 | 0 | 0 | 0 | $2.6M |
| Beneficio Bruto | $1.0M | -$2.5M | $4.0M | -$114.9M | $1.0M | $1.3M | $3.6M | $6.5M | $18.9M | $12.7M |
| I+D | $31.9M | $31.2M | $29.5M | $46.5M | $38.1M | $42.2M | $50.9M | $25.1M | $36.4M | $40.7M |
| Generales y Administrativos | $9.5M | $10.8M | $12.5M | $12.9M | $13.7M | $17.4M | $18.7M | $16.2M | $13.7M | $15.1M |
| Gastos Operativos | $41.4M | $42.0M | $42.1M | $59.4M | $43.4M | $58.5M | $68.8M | $38.4M | $49.4M | $54.8M |
| Beneficio Operativo | -$39.6M | -$40.5M | -$36.3M | -$57.4M | -$42.4M | -$57.2M | -$65.2M | -$31.9M | -$30.5M | -$42.2M |
| EBITDA | -$120.5M | 0 | -$35.3M | -$174.3M | -$48.4M | -$54.9M | -$56.5M | -$24.1M | -$24.1M | -$37.0M |
| Gastos por Intereses | $538000 | $596000 | $810000 | $1.1M | $2.0M | $3.4M | $5.1M | $1.2M | $1.1M | $866400 |
| Beneficio Antes de Impuestos | -$39.1M | -$43.7M | -$37.1M | -$56.6M | -$46.5M | -$60.7M | -$64.1M | -$27.8M | -$28.0M | -$40.5M |
| Impuestos | 0 | $2000 | $1000 | $132000 | $124000 | $117000 | $96000 | -$78000 | -$197000 | $18249 |
| Beneficio Neto | -$39.1M | -$43.6M | -$36.9M | -$56.7M | -$46.6M | -$60.7M | -$64.4M | -$28.1M | -$27.8M | -$40.5M |
| BPA | $-1.67 | $-1.72 | $-1.08 | $-1.38 | $-0.93 | $-0.96 | $-0.91 | $-0.35 | $-0.34 | $-0.38 |
| BPA Diluido | $-1.67 | $-1.72 | $-1.08 | $-1.38 | $-0.93 | $-0.96 | $-0.91 | $-0.35 | $-0.34 | $-0.38 |
| Acciones en Circulación (Diluidas) | $23.3M | $25.4M | $34.1M | $41.0M | $50.1M | $64.2M | $71.6M | $81.0M | $81.7M | $105.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.9M | $4.7M | $2.1M | $8.9M |
| Beneficio Bruto | $2.9M | $4.7M | $1.4M | $8.2M |
| Beneficio Operativo | -$11.3M | -$9.1M | -$13.9M | -$9.0M |
| EBITDA | -$10.3M | -$6.2M | -$12.9M | -$8.2M |
| Beneficio Neto | -$11.0M | -$8.9M | -$13.6M | -$8.9M |
| BPA | $-0.10 | $-0.09 | $-0.13 | $-0.08 |
| BPA Diluido | $-0.10 | $-0.09 | $-0.13 | $-0.08 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $62.4M | $57.8M | $120.7M | $125.7M | $92.8M | $213.3M | $101.1M | $131.4M | $154.7M | $108.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.7M | $563175 | $2.4M | $1.3M | $978840 | $935915 | $61.1M | $1.4M | $2.1M | $6.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $65.4M | $60.7M | $123.9M | $128.7M | $97.9M | $217.8M | $164.8M | $133.6M | $159.3M | $117.6M |
| Inmovilizado Material | $3.6M | $3.0M | $2.1M | $2.7M | $22.8M | $19.9M | $17.3M | $18.7M | $14.6M | $14.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $94927 | $46831 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $69.1M | $63.8M | $126.0M | $131.9M | $120.8M | $238.3M | $182.8M | $152.3M | $173.9M | $132.4M |
| Cuentas por Pagar | $345958 | $655636 | $154325 | $499512 | $270404 | $217205 | $418362 | $1.7M | $16568 | $349986 |
| Deuda a Corto | 0 | $2.4M | 0 | $955247 | $2.9M | $7.2M | $4.1M | $1.8M | $4.6M | $5.2M |
| Pasivos Corrientes | $7.1M | $10.2M | $9.3M | $12.3M | $12.6M | $31.4M | $22.4M | $37.8M | $40.3M | $38.1M |
| Deuda a Largo | $4.8M | $6.3M | $8.0M | $14.3M | $19.8M | $44.7M | $4.6M | $4.7M | 0 | 0 |
| Pasivos Totales | $13.1M | $16.5M | $20.1M | $26.6M | $51.6M | $109.6M | $111.7M | $106.6M | $82.2M | $74.4M |
| Reservas | -$79.9M | -$143.3M | -$177.7M | -$237.7M | -$315.4M | -$361.4M | -$404.6M | -$442.8M | -$442.3M | -$549.1M |
| Patrimonio Neto | $56.0M | $47.3M | $106.2M | $105.9M | $69.9M | $129.5M | $71.6M | $45.7M | $91.7M | $58.0M |
| Deuda Total | $4.8M | $8.7M | $8.0M | $15.2M | $41.9M | $68.7M | $23.4M | $21.8M | $16.1M | $16.4M |
| Deuda Neta | -$57.6M | -$49.1M | -$112.7M | -$110.4M | -$50.9M | -$144.6M | -$77.7M | -$109.6M | -$138.6M | -$92.1M |
| Capital Circulante | $58.3M | $50.5M | $114.6M | $116.4M | $85.3M | $186.4M | $142.4M | $95.9M | $119.0M | $79.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $125.6M | $108.5M | $93.4M | $117.1M |
| Activos Totales | $146.1M | $132.4M | $114.1M | $133.5M |
| Pasivos Totales | $79.1M | $74.4M | $70.8M | $54.1M |
| Patrimonio Neto | $67.1M | $58.0M | $43.3M | $79.4M |
| Deuda Total | $17.1M | $16.4M | $15.8M | $13.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$39.1M | -$43.5M | -$37.1M | -$56.7M | -$46.6M | -$60.8M | -$64.2M | -$27.7M | -$27.8M | -$42.2M |
| Amortizaciones | $1.2M | $1.1M | $992000 | $2.1M | $2.4M | $2.3M | $2.5M | $2.5M | $2.8M | $2.7M |
| Compensación en Acciones | $2.5M | $4.0M | $3.2M | $9.1M | $7.8M | $6.2M | $2.9M | $3.1M | $2.5M | $4.0M |
| Cambio en Capital Circulante | $1.4M | $164000 | $1.3M | $1.7M | -$5.5M | $25.0M | -$5.0M | $49.0M | -$13.3M | -$17.4M |
| Flujo de Caja Operativo | -$34.2M | -$35.0M | -$30.7M | -$44.0M | -$47.1M | -$26.0M | -$68.5M | $21.5M | -$36.4M | -$52.8M |
| Inversiones (CapEx) | -$2.5M | -$121000 | -$312000 | -$580000 | -$924000 | -$484000 | -$708000 | -$1.4M | -$1.4M | -$1.0M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$36.8M | -$35.1M | -$31.0M | -$44.5M | -$48.0M | -$26.5M | -$69.2M | $20.2M | -$37.8M | -$53.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$12.2M | -$13.4M | -$11.1M | -$12.4M |
| Inversiones (CapEx) | -$169000 | -$526000 | -$164000 | -$294783 |
| Flujo de Caja Libre | -$12.4M | -$13.9M | -$11.3M | -$12.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.1M | $1.2M | $1.4M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -167.0% | +423.2% | -60.9% | -46.8% | +29.7% | +169.2% | +81.2% | +190.2% | -19.2% |
| Crecimiento Beneficio Neto (anual) | | -11.6% | +15.5% | -53.8% | +17.9% | -30.4% | -6.1% | +56.4% | +1.3% | -45.9% |
| Crecimiento BPA (anual) | | -3.0% | +37.2% | -27.8% | +32.6% | -3.2% | +5.2% | +61.5% | +2.9% | -11.8% |
| Cambio en Acciones (anual) | | +8.7% | +34.2% | +20.5% | +22.0% | +28.2% | +11.6% | +13.1% | +0.8% | +29.0% |
| Crecimiento FCF (anual) | | +4.6% | +11.6% | -43.7% | -7.7% | +44.8% | -161.2% | +129.2% | -287.4% | -42.3% |
| Margen Bruto | 43.8% | 165.5% | 80.1% | -5943.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 83.0% |
| Margen Operativo | -1734.1% | 2648.7% | -734.5% | -2971.8% | -4117.4% | -4285.4% | -1813.0% | -489.1% | -161.2% | -275.9% |
| Margen EBITDA | -5282.5% | -0.0% | -714.3% | -9015.4% | -4707.1% | -4116.0% | -1571.0% | -369.9% | -127.6% | -242.4% |
| Margen Neto | -1713.5% | 2854.0% | -746.7% | -2935.6% | -4525.3% | -4549.8% | -1792.5% | -431.7% | -146.9% | -265.2% |
| Margen FCF | -1610.9% | 2293.8% | -627.3% | -2304.7% | -4663.2% | -1984.7% | -1925.9% | 309.7% | -200.0% | -352.2% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.2% | -0.3% | -0.2% | -0.1% | 0.3% | 0.7% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.57 | $-1.38 | $-0.91 | $-1.09 | $-0.96 | $-0.41 | $-0.97 | $0.25 | $-0.46 | $-0.51 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $23.3M | $25.4M | $34.1M | $41.0M | $50.1M | $64.2M | $71.6M | $81.0M | $81.7M | $105.3M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -68.44% |
| Rentabilidad sobre capital invertido | -41.91% |
| Rentabilidad sobre activos | -31.76% |
| Margen bruto | 92.33% |
| Margen operativo | -232.71% |
| Margen neto | -228.29% |
Salud financiera
| Deuda / Patrimonio | 0.17 |
| Ratio corriente | 3.49 |
| Piotroski F-Score | 0 |
| Altman Z-Score | -4.56 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.79 | -1.60 | -12.74 | -6.40 | -3.70 | -7.34 | -3.80 | -5.12 | -7.53 | -4.52 |
| P/VC | 1.94 | 1.48 | 4.41 | 3.42 | 2.46 | 3.49 | 3.46 | 3.17 | 2.28 | 3.12 |
| P/V | 47.60 | -45.62 | 94.83 | 187.60 | 167.18 | 338.65 | 68.88 | 22.28 | 11.05 | 11.85 |
| Margen Bruto | 43.8% | 165.5% | 80.1% | -5943.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 83.0% |
| Margen Operativo | -1734.1% | 2648.7% | -734.5% | -2971.8% | -4117.4% | -4285.4% | -1813.0% | -489.1% | -161.2% | -275.9% |
| Margen Neto | -1713.5% | 2854.0% | -746.7% | -2935.6% | -4525.3% | -4549.8% | -1792.5% | -431.7% | -146.9% | -265.2% |